2022076811601 American Portfolios Financial Services, Inc. CRD 18487 Acquired by Osaic Wealth, Inc. CRD 23131 AWC ks.pdf

Between April 2018 and September 2022, APFS failed to calculate the per account fees for customers enrolled in its Bank Deposit Program (Sweep Program) according to the formula in disclosure documents that it distributed to Sweep Program customers. As a result, APFS’s communications with those customers inaccurately represented how the firm calculated its fees. The firm also did not disclose that it retained surplus interest earned from customers’ funds.

FINRA Orders American Portfolios Financial Services to Pay $4.6 Million in Restitution for Overcollection of Fees, Retention of Surplus Interest

FINRA has ordered American Portfolios Financial Services, Inc. (APFS) to pay $4.6 million in restitution to customers impacted by the firm’s inaccurate representation of how it calculated its fees and its retention of undisclosed, surplus interest.
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